EasyEquities introduces R25 monthly fee

  • Thread starter Thread starter Daily Investor
  • Start date Start date
I've found all my existing USD investements on Investec's side, so the selloff has started... want to see how it compares and the EE account is only $2500
 
Such a shame EE is a great platform but I am sure there are cheaper alternatives, Standard Bank has auto share invest which is free although don't think you have as many share options as EE.
 
Speedster said:
Fantastic option. Unfortunately not for TFSA though.
Click to expand...
Check out ABSA stock brokers. I have a TFSA with them. No monthly fees if you transact once every 60 days or if your TFSA contributions are maxed, however, there's brokerage fees minimum R15 per transaction.

They always get you I guess.

www.absa.co.za

Trade your way with Absa self-managed accounts and expert tools

Manage your investments your way with Absa Self-Managed Accounts. Enjoy flexible trading, expert tools, and full control over your portfolio growth.
www.absa.co.za www.absa.co.za

Edit: Fixed inaccurate info
 
r4nd0m said:
Check out ABSA stock brokers. I have a TFSA with them. No monthly fees if you transact once every 60 days or if your TFSA contributions are maxed, however, there's brokerage fees minimum R15 per transaction.

They always get you I guess.

www.absa.co.za

Trade your way with Absa self-managed accounts and expert tools

Manage your investments your way with Absa Self-Managed Accounts. Enjoy flexible trading, expert tools, and full control over your portfolio growth.
www.absa.co.za www.absa.co.za

Edit: Fixed inaccurate info
Click to expand...
If I'm reading the EE thing correctly I'm just going to transfer in R1 each month. Such a stupid system they have come up with.

Fortunately the kids' TFSAs seem to be unaffected.
 
Just a couple of issues I've had with Easy Equities recently - which is why I was already starting my migration last month
1. They frequently cancel forex transfers when it seems to be in their favour - no notification, log in - and its undone, they've promised its fixed multiple times.
2. They deduct money for purchases but don't do the actual purchase for days, or until you contact them. (this is nothing about price, its a simple Unit Trust purchase)
3. Shares just disappear from your profile (i.e. the entire thing)
4. Their accounts don't balance. (even on their website - it'll dispay different values)
5. Various functionality doesn't work properly, e.g. dividend payout settings.
6. etc. etc.
 
I read now online, EE answered alot of questions. RA’s aint not affected. Tfsa’s are, and only normal accounts, zar, usd etc
 
This is pretty shady - urge you to manage your money the way that suits them (optimal profits!) or else you effectively get penalised.

A similar thing is happening to budget platforms here - one also pink but shittier low cost platform here called Bux increased their transaction costs. When you do the calculations you need to have over €5000 invested with them to make them cheaper than a big powerful platform like SaxoBank (via Auto Invest).

If I was still in SA I'd be off EE so quick after this and back to either Investec, ABSA or invest directly with CoreShares, Sygnia etc

EDIT: I see coreshares redirect to 10X now. Cool
 
Thrive what??? Why must I pay for something I never used or know about? Does this apply for TFSA as well?
 
Everyone seems to be losing the plot before reading.

This is a non-event for anyone making a regular monthly deposit, which puts you on Level 3 and negates the fee.

It’s EE killing off dead non-customer type customers that just cost them money to maintain.
 
PowerFactor said:
Thrive what??? Why must I pay for something I never used or know about? Does this apply for TFSA as well?
Click to expand...

Only main accounts.

Whether it applies if you don’t use your main account at all and only TFSA I’m not sure.
 
SauRoNZA said:
Everyone seems to be losing the plot before reading.

This is a non-event for anyone making a regular monthly deposit, which puts you on Level 3 and negates the fee.

It’s EE killing off dead non-customer type customers that just cost them money to maintain.
Click to expand...

Exactly. And how do you cancel the R25 fee, deposit something.

My questions:
1) is it deposits for 1 or all accounts?
2) does dividends that pay out count as a deposit

I am trying to ask EE about those
 
Hamster said:
This is pretty shady - urge you to manage your money the way that suits them (optimal profits!) or else you effectively get penalised.

A similar thing is happening to budget platforms here - one also pink but shittier low cost platform here called Bux increased their transaction costs. When you do the calculations you need to have over €5000 invested with them to make them cheaper than a big powerful platform like SaxoBank (via Auto Invest).

If I was still in SA I'd be off EE so quick after this and back to either Investec, ABSA or invest directly with CoreShares, Sygnia etc

EDIT: I see coreshares redirect to 10X now. Cool
Click to expand...

10X owns Coreshares now.

All of those options will cost you more than EE with the same usage patterns that would see you incurring this fee.

And if you are on the usage pattern that isn’t incurring the fee it’s no problem.

Their motivation in sure is to get rid of shitty customers here and it’s very intentional. And you see the same thing from expensive platforms who try and keep the low cost users out with high fees because there isn’t money there.

The communication has been piss poor, but the motivation for the move makes a lot of sense.
 
zerocool2009 said:
Exactly. And how do you cancel the R25 fee, deposit something.

My questions:
1) is it deposits for 1 or all accounts?
2) does dividends that pay out count as a deposit

I am trying to ask EE about those
Click to expand...

My understanding was you just need to deposit more than you withdraw and would imagine that refers to your entire EE platform account not the sub-divided splits.

Dividends aren’t deposits but rather payouts.
 
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